You might be very concerned about the health of an elderly parent and whether you might have to cancel a long-awaited African safari. Another traveler may worry about having a heart attack while touring rural China.
Different travelers, different trips, different needs.
The following is a guide to finding the best travel insurance for your trip.
5 steps to finding the best travel insurance for your trip
1. Determine what types of coverage you need
These may include cancellation due to illness, being required to work, losing your job, losing your bags, missing a flight, crashing your rental car, getting sick and needing medical care, having an accident and needing a medical evacuation, etc. See a full list of travel insurance coverage to determine your needs.
2. Calculate your total trip cost
For trip cancellation coverage, you will need to insure the total amount of pre-paid, non-refundable trip payments. Entering a trip cost of $0 is too risky because this is the amount of money you could lose if you need to cancel your trip.
3. Use a comparison website to find the best travel insurance
Use a comparison website to filter the travel insurance quotes from many travel insurance providers. Enter your basic trip information, and click the quote now button and the comparison engine will deliver quotes from all major travel insurance companies.
4. Compare plans based on what coverage is important to you
As you look over policies from the different companies, compare the coverage with what you determined you need in step 1. Every company and policy has different limits, so make sure you are comfortable with the amount. When you find the policy you want, click to buy and wait for the plan details to be sent to you.
5. Read the small print
When you purchase a travel insurance plan, you have a free look period (usually 10-14 days) in which to read, understand, and ask questions about your policy. You can even cancel the policy or make changes to it during the free look period. After the free look period, there are no refunds, so this is the time to review the policy.
There are two sections of the policy documentation you’ll want to pay careful attention to:
- The Benefits section will clearly describe the coverage you will receive. Do not make any assumptions here. Read it through.
- The Exclusions section will tell you clearly when the Benefits will NOT apply. Again, read this carefully.